- Binance has chosen Greece for its labor force and security profile.
- The crypto exchange platform aims to expand across the European Union.
- BNB is up by 4.33% over the last 24 hours.
The aim is to eventually expand across the European Union, and Binance has decided to make Greece its home base in the region. The compliance license is yet to be issued, but the crypto exchange platform is confident of strengthening its compliance practice. In fact, the Co-CEO has even called it an unbreakable promise.
Binance in Greece
Germany and the Netherlands are known to be more popular among crypto exchange platforms. Greece for Binance, therefore, comes as a surprise, given that the country is yet to issue a MiCA license, wherein MiCA is an acronym for Markets in Crypto-Assets Regulation scheme.
The Co-CEO of Binance, Richard Teng, defended the choice by emphasizing the labor force and the security profile of Greece. He said that the crypto exchange platform had to think about many other factors, like social and talent pool – adding that Greece could be a good base for the company to expand in Europe.
He also underlined that the license was pretty standard across Europe. Notably, Germany and the Netherlands have issued 45 and 22 MiCA licenses, respectively.
Crypto Exchange Platform in Past
Binance continues to fix its reputation due to a past experience, wherein Founder Changpeng Zhao (CZ) pleaded guilty. This is in reference to the violation of US money laundering laws scenario, when he was sentenced to a 4-month prison term along with a $4.3 billion fine.
Later pardoned by Trump, CZ remained an active shareholder with little to no information about his return to the venture.
Teng has, for now, clarified that the platform does not serve residents of sanctioned nations, further acknowledging that it’s impossible to completely eliminate transactions which are suspicious in nature and happen via blockchain.
Richard Teng on Compliance
Richard Teng earlier said that compliance was not just a policy for Binance, but an unbreakable promise to millions of users and to the future of Web3. His comment came during an interaction with Noah Perlman, the Chief Compliance Officer (CCO) of Binance.
Teng highlighted that over 1,500 experts work 24/7 to fight illicit activities, and the platform has invested millions of Dollars for the said purpose.
Meanwhile, BNB price is up by 4.33% over the last 24 hours to $628.04. It further reflects a weekly surge of 3.46% and a monthly-decline of 28.52%. Its 24-hour trading volume has risen by 43.97%.
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